Otgontsend D. is 55 years old and lives with his wife and four children in a ger, a traditional Mongolian nomadic tent home and fence in Yaarmag in the Han-Uul district of Ulaanbaatar, the capital city of Mongolia. His younger three children all attend school while his eldest son works in the rural area.
Otgontsend operates a coal and firewood trading business. He started this business in 1995 and has since gained a lot of experience in his trade. All the family members help him with the business. Otgontsend is a hardworking man and is requesting a 3,000,000 MNT loan to purchase and preserve a large amount of coal and wood before prices for such products rise.
This loan is being administered through XacBank, a Mongolian for-profit microfinance institution. XacBank is located in every province of Mongolia, reaching some of the most rural micro business clients. With this Kiva loan, there is an opportunity for the entrepreneur to get a savings account including 9% of the interest if they pay back the loan on time. This is a special savings account that XacBank has specifically prepared for the Kiva loan borrowers to promote savings habits.